manipulated. so many things we have to set our sights on. melissa: so much to cover. lori: i am lori rothman. melissa: and i am melissa francis. an all-time high last month, the iphone 5 fades, what does apple have a bit sleeve? lori: also hitting us where it hurts, new warnings of hackers attacking our nation's biggest bank. melissa: stepping up attacks on mitt romney over funding for pbs of all things. with four weeks until the election, is it time to forget big bird and focus on the big picture? lori: everybody just focuses in on big nerd. a look at the new york stock exchange, nicole petallides. stocks waiting for alcoa to kick

off earnings season. nicole: that is right, earnings season begins today after the bell. beginning with alcoa on the 4:00 p.m. show, so we will bring it out. selling across the board. dow jones industrial average down 91 points, so about 15 points off of the lows of the day. the selling going on, nasdaq composite down 1.4%, we talk a lot about apple under some pressure. we saw some business reports coming, sentiment from those have fallen again for the fourth time in five months and also not saying thing to add staff or make capital investments at this time. also european picture here where the euro is lower and the dollar stronger. ibm, a look at some of the others, johnson & johnson downgraded to a cell from a neutral. those are the key names and

those are all dow components. back to you. lori: figure for the update, nicole. angela merkel making her first trip to greece since the debt crisis began to show her support for the continued participation in the euro zone. while it is a vote of confiden confidence, her arrival was marred by tens of thousands of protesters. 13.5 billion euros worth of new austerity measures started out peacefully but soon turned violent as several greek police fired tear gas at demonstrators throwing stones. unsettling. melissa: if you thought the problems couldn't get any worse, phillips 66-pound a week in an oil line near san francisco and fox business contributor phil flynn in the pit of the cne with the latest. up big today.

>> it is a nightmare in california, these are worthy refineries had stayed online making up for the lost production from two other refineries that were down. this could not have come at a worse time as prices were starting to come down. forget about all that, look at the overall market, oil, gasoline, heating oil exploding today. the brent continued to be at the widest level in over a year. a lot of it has to do with concerns in the middle east, not only syria, turkey and iran, all of that stuff, we also have concerns about what is going to go on between israel and palestine right now. the prime minister said israel will call for early elections. see if they're taking a referendum on iran. but a lot of the talk in the marketplace today. up over $0.07 per gallon on the futures. this was a market lower yesterday, heating oil tight

supplies of diesel in the midwest keeping the market strong as well, it is always something that comes to gas and oil. back to you. melissa: phil flynn, thank you so much. apple shares down for the fourth straight day hovering is $630, but my next guest thinks apple will fill top $1000 next year. with reports of the way over there to skip around and try to figure out what apple has up its sleeve. what have you figured out? >> we go every quarter to china, visit a lot of different companies, we want to get a feel for what is happening in the tech world, what we are seeing around apple is continued strength around the iphone 5, and also around the soon to be launched ipad mini. these are new products that have

yield issues at first. melissa: why do you think the stock has gotten crushed? from the all-time high, it's hard to say there's any one thing. what you say is driving it? >> we are in the pre-earnings selloff. earnings in general will not be great, people know what some, investors know it, selling ahead of old stock. it falls on that. the second thing is there's a lot of concern around some of these supply constraints. we talked about the past week obviously some constrains the iphone 5. and strikes heavily rattled some people. and apple has had a huge run since july, it is susceptible to the profit-taking.

melissa: how do you feel about all those things? you have been right, but now with this pullback, are you getting nervous? >> not at all. people have got to realize this is not fundamental. this is when you buy it. i call this the gift ahead of the holidays. you buy it an, does a great buyg opportunities. the stories are made up of why it is rolling over, fundamental stories that are not true. melissa: a lot of people were admitted they don't have the pipeline anymore. hearing about this mini biped coming out t tim hook hook at tt steve jobs. >> we just started this launch.

number two, the ipad mini opens a new category of tablet. it will be ultimately bigger than the ipad. when we look at apple tv, that is something over the next year, and they still don't even work with the biggest carrier in the world, china mobile. there is so much to look forward to. only 6%, pc marketshare only five. melissa: thanks, compelling argument, we will have to watch. melissa: hackers claiming to have ties to terror groups threatening to attack the website for some of our largest financial companies. adam shapiro joins us with the very latest, where are we? >> now according to a posting on a site where hackers actually

say i'm about our whereabouts to do something ha is a posting frm this group identifying itself as a cyber fighters, they're the group taking credit for last month's attacks will target capital one financial, delay of service request, they flooded the websites in institutions with e-mails so you cannot get in. right now there does not seem to be any problems with capital one. tomorrow suntrust and then regions financial. fox business reach out to the institutions to se receive any comments, none of them have gotten back to us but as of right now today's target doesn't seem to be going through any kind of problems. they're not taking our calls. we saw this last month, chase was actually able to stay up

during the attack. at this point we have had warnings last week we had the host committee that looked into cyber crimes warning cyber attacks on u.s. financial institutions are going to pick up but wasn't from the group that ties itself to islamic radicals, they're more concerned about cyber crimes from iran and china. melissa: is it less effective if your notes are going to do it? >> we are doing this in reality it is somebody else may be doing it. melissa: china and u.s. on the rocks again for the second time fo,this time it is about solar cells to these. coming up next. lori: one airline is make it possible to use your phone in the air. gold is way down, this is the

stock market down a little bit. silver also lower. back with more after this.

melissa: china and the u.s. at odds for the second time this week as the subsidy reaches him. rich.

>> the commerce department is looking to move forward this week hitting them with terrorists. folks and chinese businesses and trade policies charging that government was heavily subsidizing green energies in other industries. u.s. is also subsidized green energy and one international trade attorney who opposes the subsidies altogether says u.s. tariffs will only harm consumers. >> once that is done american consumers will start paying quite a hefty tax on imports of chinese solar panels, at the same time we'll be seeing price increases of the other solar panels. typically china is a price driver in the market and will see all imports and domestic solar panels prices go up. >> united states has stepped up complaints and stainless steel sink, flooring, steel grating, bricks and much more.

chinese have responded most notably for u.s. support of the auto industry. also fixed the presidential campaigns. president obama chooses governor romney of sending american jobs to china during his time at bain capital. romney called the present week on china promising stricter and forcing trade practices bowing to label a currency manipulator. some argue stronger rhetoric and tourist will lead to a loss for american consumers and u.s. companies conducting business in china. back to you. melissa: get somebody on the show who install solar panels in the u.s., buying materials from china, much cheaper over there and was so frustrated because he is in the solar business but is now being penalized because he buys from china. what is the next step? >> that is the thing to look at both sides for 10 seed manufacturers in the united states sometimes pushing for this and those who import and use these materials saying

no, it really depends on the world trade organization when it comes to the broader practices to fight it out, but it is really just the commerce department, one more step and he can be paying a lot more to install those panels. lori: threatening to label them currency manipulators. it could make a difference. rich, thank you. every 15 minutes times to check the market. nicole is back with us from the floor of the new york stock exchange and there are some major movers. nicole: let's take a look at netflix. bank of america actually cutting netflix today. they have some run. bank of america, merrill lynch cutting netflix to underperform from a bike, recommends taking profit at these levels. this is a valuation call. jumping 30% this month so it has been running up over the last couple of weeks or so, obviously

still remains a tough competitor to amazon, but analysts have said amazon really isn't a competitor to netflix, a look at the one-year chart over $300. they look at spectrum brands and black and decker. $1.4 billion. the unit that relates to different areas, bathroom fixtures, locks, jumping to new highs since this came out back in 2009. back to you. melissa: thank you. lori: breaking news from charlie gasparino after the break. and you will not believe what they are short on. check how the dollar is doing. much stronger dollar to a 12869 level against the euro. the solid protest in europe, not

doing much. more after this.

>> 22 minutes past the hour, this is your fox news minute. a judge has sentenced jerry sandusky to at least 30 years in prison on child sex abuse charges. the sentence means a former penn state football coach will be in prison until he is nearly 100 years old. the 68-year-old sandusky still says he is innocent and plans to repeal. israeli prime minister netanyahu is planning an early election due to reports that announcement will come in the next few hours. israeli commentators predicting election will be held in january or february folks and tensions with iran over nuclear program and the israeli economy. and penske media buying "variety." covering hollywood for more than 100 years and still considered a

top industry source. they said they would put it up for sale. the news headlines on the fox business network. lori: inside trading kingpin rajaratnam should follow the example of a lesser-known figure indicate and fled the country. charlie gasparino has the details on the lone fugitive in a massive crackdown on insider trading. >> do you know who he is? he was a moody's analyst, he passed on a tip to the main sort of cooperator in the rajaratnam case. about the pending merger, excuse me, acquisition of hilton hotels. then turned that around and pass it on to raj. when we indicators against raj rajaratnam. whhe was charged for this actio.

fled the country, went back to india, nowhere to be found, they cannot extradite him, not trying to extradite him, he is the lone fugitive in this case. rajaratnam has gone publicly and said if i thought i was guilty, could have went to india or my native sri lanka. because they have similar extradition treaties, very weak. he could have escaped. a lot of people say now they should have followed the example of the lesser-known figure. important in the context of how raj was caught in the end. he is now facing something like 10 years to 11 years in jail. it was pretty clear what he did

was violating inciting trading statutes. now, why didn't he do this? he has publicly said this, i wanted to fight in court, points out the fbi and justice department were very scared about him leaving the country. they heard something along the lines that he might go, and that is why they sort of impromptu way went out and arrested him immediately in 2009 and he has been essentially behind bars or in custody or amende remanded te detention ever since. when you have these foreign nationals clearly if you follow the example, he is in india, they're never going to get him. he is home free. the justice department, i guess this would be the justice department taking the lead on

this, they have no comment but we hear from sources that they have given up, they're not going to try to extradite this guy any more than call the local magistrate wherever he is and say can you bring him back and have said haha. melissa: inode is like a minor. speakers was indicted as well as the others in the indictment brings they have had, but you always stand a chance with one of these guys. would they try even harder to indict raj? i think they would've tried harder, but i don't think. lori: would you both if you are facing five years? >> i know people who have bolded

for italy where there is stronger extradition treaties that have come back and gone to jail. that is not a place i ever want to be. that is not my way of spending five years. you know what, just so you know i would probably not come it insider trading. melissa: obviously. but going down the path of only five years, spending the rest of your life on the run. >> five years in a federal penitentiary is different than five years in a new york state or state pen, that is really hard time. dennis was put in a place of a state penitentiary, those are hard times. in north carolina, that is the

same bernie madoff is in. club fed, they call it. not breaking rocks. melissa: that was fun. >> i didn't complain, did i complain? that is not exactly complaints. melissa: look at some of the winners and losers on the s&p 500 looking out to break. trading up by 5%. we will be right back.

♪ melissa: time for stocks now as we do every 15 minutes. nicole petallides is standing by. nicole: we will take a look at the banks in a moment. let's take a look at the first major market averages. they have been selling off all day long here. small-business owners are are not feeling too confident these days. there are concerns about europe, once again. there is a look at some of the major averages. goldman saying they like the banks.

one of the groups that they seem to be hot on. the least inexpensive and play on the recovery housing market. that is one of the reasons they think thanks can get a boost. back to you. melissa: thank you so much. lori: earning season unofficially kicks off. alcoa is about to report. well third-quarter earnings weigh on the market in the fourth quarter or what they be a strong indicator, a bullish indicator? kevin, ray to have you back. >> i think the outlook for earnings in this quarter is dismal. you have 70% all companies reporting negative earning guidance. that is the lowest percentage on

record. you have estimated earnings, average earnings, for the quarter at negative 2.7% right now. lori: why now? >> three other that are affecting the economy. lori: did they just run out of ways to reduced cost? >> or is that the fact that they are not able to drive additional sales? the uncertainty that is in the market because of the dark cloud in europe, depending u.s. election, or because the lack of economic growth we are seeing in the u.s. or the revision to global economic revision. lori: it seems there is more emphasis on the third-quarter results because of the idea that their earnings will be an

indicator for the true health of the stock market. we know we just had qe3. is this a wealth effect boosting the market? this is just chugging along, look at the chart. to your point, economic growth is below 2%. what is the real health of the market? >> i wrote a recent log that was titled the tale of two cities. what we have seen thus far, year to date, it has grown dramatically. what we have seen with the economy, it has contracted did it has pulled back from its highs. what we are looking at is is the stock market predicting where the market may be growing or has the stock market that we have seen then artificial and propelled by the stimulus. lori: will this be the catalyst if we do get earnings weaker than expected?

>> i cannot see earnings being much more negative than we are anticipating right now. it could propel the market forward. we also have history on our side. in the last seven election years, when we see the stock market grow by 10% or more in the first three quarters, the fourth quarter has seen the stock market grow by an average of 6.3%. lori: just a comment on the sectors limit healthcare is one i like. they have been very resilient. lori: very good. thank you for your announcement. melissa: bad news for coffee drinkers out there. it appears j.m. smucker is

running low. smokers said it is experiencing a tight supply of certain retail coffee canisters. the company and test the shortage will be resolved and will not impact the company's 2012 results. the shares are trading down $1.34. how does that happen? they ran out of the coffee cans speak. [ talking over each other ] lori: no problem. melissa: president obama giving romney credit? not exactly. the new campaign ad that has everyone talking. lou dobbs weighs in on that. lori: interesting move on the treasury market today. the tenth year yield it 1.75.

a big move again. checking the 30 year. it is down by five basis points. we are back after this. ♪ [ male announcer ] let's say you need to take care of legal matters. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology. together you get quality services on your terms, with total customer support. legalzoom documents have been accepted in all 50 states,

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continues. investors are also bracing for a possible disappointing earning season. that starts off with alcoa. the dow is trading down 76 points. shares of owens corning are under pressure. on the flip side, though, investors are bullish for oil energy. the company provided new operational details to boost testing. last month they announced it would develop 100,000 acres of land adjacent to great bears a grudge. that is the latest from the fox business network. giving you the power to prosper. ♪

♪ melissa: big bird president obama's newest weapon.

the ad is mocking romney on the deficit on wall street. watch this. >> bernie madoff, criminals, and the evil genius who towered over them. one man has the guts to speak his name. >> redbird. >> big yellow a menace to our economy. romney knows it is not wall street you have to worry about, it is big bird. mitt romney, taking on our enemies no matter where they nest. lori: is this what the presidential debate should really be focused on? lou dobbs is here. lou: where should we start. melissa: i will sit back. go ahead.

lou: the sesame workshop has decided they have had a belly full of being in this presidential campaign. they have asked that the campaigns cease and assist. they are a nonpartisan outfit. it really became onerous when not only the president was using big bird, but then romney to point out there have been eight mentions of big bird by president obama and five mentions of elmo and count along the mentions of libya. zero. the plant to fix the economy, zero. big bird overtaking. talk about a big bird and a small issue. it is as you say on becoming. it is disastrous for the president. he looks small. his campaign looks

unimaginative. in fact, desperate, doing this kind of campaigning. lori: saying that he is willing to make tough cuts. lou: absolutely. he has grandkids. u.s. have kids. everyone is familiar with big bird. they bring and tens of millions of dollars a year. in the other venue, they would be a prophet enterprise. they can find a marketplace anywhere in the country. indeed, they have. this is silliness on the side of the president. it is typical of what is being sponsored by the taxpayer.

melissa: you look at what is going on to our ambassadors in the middle east. [ talking over each other ] lou: the president is hiding behind the fbi that could not get into benghazi for over three weeks. his campaign staff has the temerity to go after romney because he points out something very real, very particular which is a trillion dollars deficit. he talked about how well this does not matter because it is such a small money. the small amount of money, first solyndra, and are one, they begin to add up to a trillion dollars. lori: everyone knows big bird.

they are taking advantage of that fact. they are not giving voters enough credit. lou: this is an out right and sold by the obama campaign to the american people. to even suggest that this is relevant to the discussion, this mockery and the nonsense. by the way, other people are backing away from the president campaigned. aa rp, it is not just sesame workshop pulling back. aarp asking the president campaigned to get them out of his deal. you are misrepresenting my analysis of governor romney's tax plan. it goes on. andrea mitchell, of all people, apparently, thinking she did not want to go over it asking them not to use her in their commercial. melissa: she is pretty subtle. lou: anyway.

the list goes on. people with a very strong desire not to be associated with that campaign right now. melissa: lou dobbs, thank you. we see you every day here. also at 7:00 p.m. and 10:00 p.m. eastern. you will have a guess disgusting -- you will have a guest discussing mitt romney's campaign. lou: also, sheila bair will be here to talk about her new book. also, she will talk about timothy geithner. she really does not like him. lori: it is a little past quarter to. we will go down to nicole petallides. companies cutting outlook. nicole: we will take a close look here at edwards life

sciences. this is a company that deals a lot with your heart. heart valve therapy, critical care, cardiac surgery, they are cutting their sales outlook for the third quarter. a couple reasons why they are doing this. take a look at the two-day chart. down nearly 20% today. that is a huge move for a company that has had a nice run for the year 2012. they are blaming europe. also, the expected growth here in the u.s. was not what they anticipated. lori: thank you. move over baggage fees, long lines and delays. talking on your cell phone at 10,000 feet. what do you think? next season take a look at some of today's winners and losers.

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♪ lori: earnings season begins after the bell. alcoa and young rands will report. sandra: here is alcoa on and intraday basis. it seems to be bouncing back. $9.21 a share. a stock that has been underperforming a broader market up to 6% this year. this is an aluminum company. it is a very indicator of the health of not just the u.s., but the global economy.

we are waiting for this after the bell tonight. the prediction is for this company to break even. this will be the big pickup. back to you guys. lori: thank you, sandra. melissa: some of the biggest names in the business world are meeting in washington to discuss economic roadblocks before the election. peter barnes has this story. peter: they are calling on congress and the white house to reduce uncertainty and governnent policy to help create confidence that businesses, large and small, need to invest and hire. with the clock running down, they urge congress and the white house to get on with this game the fiscal cliff. >> what we are saying is not the right thing to do is to have the largest tax increase in the history of america and to have

$1.2 trillion worth of spending cuts that do not even look at medicare and medicaid across the board without thinking through what this big deal will be. jeff: he said nothing would happen until november 7. the day after the election when all that dust settles. the white house and congress agreed to a six month the delight. melissa: peter barnes, thank you so much. lori: dubai -based airline says it will start letting passengers on its flights talk on cell phones. the company that provides the wi-fi service -- it will not happen here in the u.s. it shuts down within 250,000 miles of the u.s.

coastline. you are the only one that travels to the middle east on a normal basis. what do you think? melissa: i think it is irritating that someone is sitting next to you chatting. i also think it is a sham. no one really believed that. lori: use your wi-fi. text. send e-mails. talking is just too rude. melissa: coming up tonight on "money." talking about how close iran is to having nuclear weapons. that is tonight at 5:00 p.m. eastern right here on fox business. lori: we will keep our eyes and ears on that interview. trading day is still underway. the clock ticking down to the fiscal cliff. one money manager says it will get messy. ♪

♪ >> awaiting earnings. alcoa after the bell. no one is feeling optimistic, tracy byrnes. almost as if people are already looking at fourth-quarter earnings to get a little bright spot. tracy: i am tracy byrnes. ashley webster will be back tomorrow. stocks are falling as the corporate earnings season starts today. we will tell you which companies and sectors are expected to be fast and worse off. greek protesters clash with police as angela merkel visit

athens. islamic hackers mailing new cyber attacks against american banks. this is crazy. we will tell you their latest targets. it is the top of the hour. time for stocks now as we do every 15 units. the dow is down 83 points. no one is very excited about this earnings season kickoff. nicole: yes and no. a lot of the traders say traditional see some of the arrows. we will wait to see what happens with earnings seasons and the election as well. let's take a look right now. the dow is down 83 points. we are seeing it down over about a half of 1%. a lot of tax got downgraded today. i also wanted to take a look at

a long-term chart of the dow versus the s&p 500 over five years. five years ago, the dow and s&p 500 actually hit the record. the dow closed up 14,164. a lot of the bulls out there would like to see that right now. the s&p closed at 1545. the dow is down 4% from that peak in the s&p down about 7%. as far as the major market averages, business sentiment from small businesses. it fell for the fourth time in five months since september. some of the analysts calls that we have seen on the tech stock, including ibm, hewlett-packard, dell, most of them were downgraded. some of the tech names coming under pressure today. back to you. tracy: thank you.

a new reading on american small business sentiment. raising new fears about recession. elizabeth macdonald here with. >> bottom line. >> they should sit up and take notice. it is a confidence index. basically since 1980, firms less than five years old, created all net new jobs in this country. here is dan danner. the survey they took, a monthly survey, check out what they are saying. >> they are not confident. as you indicated, this is the second lowest reading of the year, in terms of optimism for small business. their sales are down. they are concerned about taxes and regulations going forward. all of that uncertainty is keeping them on the sidelines. >> that is what he told dennis and cheryl on the noon show

today. of the businesses surveyed, three quarters said nope changes in hiring. 10% say added workers. when you compared to prior year surveys, 7% said it was a good time to invest right now. that is half of what it was in september 2007. it would be a great idea to start investing because it is so cheap to do so. the other thing is, the bottom line is, they expect a better economy in six months. the biggest problem is red tape and regulations. they see that sentiment rising since 2002. the rising cost of healthcare insurance was number one on their minds, tracy. energy cost, uncertainty over government actions, those are a few other top ranking concerns.

we have to take a listen to what they say. tracy: they have the cash, just not the conviction. >> that is exactly right. tracy: you are right. story on the website? >> not yet. but we are covering it all day. tracy: you have to start reading her stuff more. she writes awesome things. our first guest says all the markets are about politics. joining us now rick nelson, common fund chief investment officer. i am glad you are here. never have politics been so intertwined in the financial markets. >> the markets are continually looking to either monetary authorities or fiscal authorities, in terms of what they will do to help lead us out of this. of course, as we know, having politicians lead us out of this is a test. it has really come to a head.

tracy: let's talk about what is interesting, also in november, the national people's congress, they change hands as well. >> that is correct. the senior leadership -- this is obviously at a crucial time. china is slowing down. we know on a cyclical basis. how the engineer that, along with the problems they have in their financial sector, is limiting the markets. tracy: do you worry about china's recovery as part of our overall global recovery? >> yes, i do. china even at 7% gdp growth, it is a huge economy. that driving force is important to our economy, as well. tracy: all playing a part of this market you'd you think

halfway through 2013 we should have a little more clarity in all of this? >> that is right. we may not like the clarity, but, first of all, you will have this transition in china which starts november 8. we expect a stimulus program out of that. it is may be more oriented towards an enterprise. profiting from that will require some careful investing. tracy: right. >> you have the china situation, then, in terms of the u.s., you will have the election, issues of the fiscal cliff will come to a head. we can talk about the extent that that may be. even in europe, as europe continues to muddle through this, we have more bumps in terms of angela merkel herself and her election coming up. i think we will have clarity. once markets see clarity, then they can act. tracy: yes. that is what we are waiting for.

some direction. you mentioned playing this carefully. one of the plays that you suggest is straddle. technical term. buying options on both sides of your equity purchase. >> that is right. right now we think the s&p is fairly valued. the vix is about 16%, 16% today. the markets are not that risky. what is happening if we are failed -- fair value back we could break to t downside. you would like to protect yourself in the downside. they are expensive. tracy: the point is, big swings in either direction is what you are expecting. thank you very much. >> thank you. tracy: rick nelson. thank you, sir. three new american banks being targeted by islamic computer hackers.

we have breaking details coming up. first, let's take a look at how oil is trading, especially with what is going on overseas. it is up. we will be right back. ♪

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problems. adam shapiro joins us now with more on this. adam: similar to the attacks that took place last week. fox business first out on this story. islamic groups were threatening these kind of cyber attacks against financial institutions in the united states. they would target first capital one. now we have confirmation that they are under a cyber attack. i want to read you the actual quote we have gotten. we can confirm that capital one is expanding online issues due to a denial of attacks. we are working to get all systems working. in the meantime, you should call the number on your card for assistance. we have no reason to believe customers are at risk.

we have no reason to believe that customers and account information are at risk. protect thing customer information is a top priority. it may be an attack from this group which claimed to be -- they would first target capital one today. tomorrow they say they have targeted suntrust. then, for thursday, they are targeting regions financial. similar kind of cyber attack against jpmorgan chase. now it appears that no one. we have it tied to islamic radicals. the reason they are doing this is because they posted these threats think they would execute this denial of service cyber attack and it appears that no one is today's target. issuing a statement that no customer accounts compromised and they are working to restore the website. tracy.

tracy: why are they letting us know who they are attacking? sandra: i cannot answer that question. to be able to say we are going to be able to do this and attack a site and actually bring it, not necessarily to its knees, if you go to the main page, there is some delay there. it certainly shows they are perhaps more than just amateurs at this. tracy: i guess. scary stuff. adam, thank you very much. adam will continue to bring us the latest developments as he gets them. it is now, dow is down 87 points. we have to go down to the floor of the new york stock exchange. nicole petallides. you have to check companies. nicole: we are seeing tech, under some pressure.

let's take a look at intel. bernstein research cut its ratings. risks of lower average selling prices for 2013.% that is something we have been watching. also keeping a close eye on netflix today because that, too, was downgraded. merrill lynch went from an underperform to a buy. we have seen netflix jumping. the traders getting in on it. of more than 20% just for the month of october alone. it is down almost 10%. certainly, a volatile stock. back to you. tracy: a lot of chatter about it. we will see you in 15 minutes. for the first time in nearly three years, s&p 500 quarterly profits are expected to drop. which sectors are looking the brightest in this dark season.

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tomoko. >> at 19 minutes past the hour, i have your fox news minute. this morning jerry sandusky sentenced to 30 years in prison. he will be spending the rest of his life and bars did he was convicted on 45 charges of child abuse. breaking news right now, israeli prime minister calling for early election which could happen in january or february. this comes after tensions of iran's nuclear program. steroid shots with meningitis. it is not known how many people are in danger. a ninth death was reported just last night. those are your headlines on the

fox news network aired back to you, tracy. tracy: thank you so much. third-quarter earnings season kicks off today. s&p 500 expecting to post a job. richard peterson, s&p capital director of global markets intelligent group. i am so glad you are with us. your report was so intriguing to me. this is, obviously, an awful state of the economy to say we are expecting everyone to report that they did not do great. >> what we are seeing from the survey of analyst forecast .it calls for a negative 1.2% decline for third-quarter. i think you have to take it in context. we have been down this road before. only kicked off the second quarter earnings season, the expectation was 1.8% decline in

profit backorder. when other companies have reported at that time, we end up with a slight positive gain earnings for the second quarter. again, we look in a precarious state. even so, we are seeing a positive trend. when we start qe3 back in september 2012, at that time, the expectations were for negative 2% decline in earnings. now that is an improvement at this time. tracy: s&p 500, third-quarter, down 1.2%. this is the worst we have seen since third-quarter 2009 when it was down almost 1.7%. let's talk about some of the sectors that are really looking miserable. materials. a 20% drop in earnings. >> materials and energy are the lakers among the ten s&p 500 industry sectors. it is an indicator of the week

precarious state of the global economy. conversely, what we have seen, gains expected in financials and consumer discretionary. looking at improvements of consumer loan losses, improvements in mortgage refinance, helping the fact that consumers have greater discretionary income and ability to refinance in the approved household wealth. tracy: a 9.6% increase. that is amazing. you are also looking at fourth quarter for the financials. of over 20%. you are seeing a rebound in the financials. >> not only talking about that improvement, per se helping the financials, but also the industry. this would help the capital market sector.

the coming heels of a very strong third-quarter in terms of leveraged buyouts. over $45 billion private equity activity. the best quarter in nearly five years. tracy: a lot of people have been holding onto those financials. you made a lot of people very happy right now, sir. thank you so much. richard peterson did thank you again. from capitol hill to beijing. the congress department said to weigh in on china's solar panel industry. could solar panels lead to a trade war by fax rich edson is in d.c. with the latest. rich: when you look at the support given, it is just as bad. it really is a possibility of a trade war. their justification, unfair trade practices.

yesterday lawmakers released a report conducting business with two chinese tech companies. one trade attorney says there are issues with chinese trade practices and intellectual property theft. they are difficult to address. >> the decision is somewhat legitimate. it is quite different from the rhetoric we are hearing on the campaign trail. what this really does is exposes one of the major problems with the political rhetoric that we have right now. they are very real concerns about chinese trade practices and property violations and security concerns. >> .2 u.s. policy to spend aliens on green energy. complaints against chinese products for government support. the presidential campaign, both candidates have promised tough action. governor romney bows to label

china a currency manipulator. some analysts say it will only hurt american consumers and u.s. companies conducting business in china. tracy. lori: i guess the department is expected to have a report out tonight or tomorrow. thank you so much for that. coming up, new evidence that american men are leaving the workforce at an alarming rate. gerri willis has the numbers on that and the reasons why it is happening. that is next. first, let's take a look at some of today's winners and losers as we head to break. the dow is down. a natural resource, that is a charles payne favorite. back with more after this. ♪ before copd...

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i got my first prescription free. or click to learn more. [ male announcer ] if you can't afford your medication, astrazeneca may be able to help. >> breaking news from the federal reserve and the stress test. peter barnes has more. peter: the federal reserve has approved final rules on the stress tests for the top 100 banks and financial terms but smaller firms will get an extra year to comply. these tests would try to forecast how firms could suffer and cope with severe economic conditions like sharply higher unemployment, severe contraction in gdp. tests were used for the first time in 2009 for the biggest financial companies during the financial crisis and resulted in some of raising more capital under government orders. the tests were cut a 5 and dodd-frank financial reform legislation two years ago helped

avoid big taxpayer bailouts in the future. nobody wants to see those again but firms with $10 billion to $50 billion complain the new rules were complex and the firm's were not as systemically important as the city banks and banks of america so they asked for and got an extra year to conduct the tests. tracy: thank you very much for that. 30 past the hour. let's check the markets as we do every 15 minutes. nicole petallides on the floor of the stock exchange. nicole: i am standing here with tinsel kerrey of icalfs. what your thoughts and today's action? >> we will cut this morning with more negative news out of the i m f and world bank and spain. yields above 6%. certainly the budget getting bigger by the day. they can't control it. honestly i think the market is exhausted and we tested $14.64 over the last three weeks and

could never pierce it to stay above it and they are taking advantage and taking money off of the table prior to the launch of earnings season which everyone expects is disappointment. tracy: playing it cautious earnings season with i am waiting and. what are your thoughts on the fact this is the anniversary of our high on the dow. dow is $14,100 and change. >> it is interesting that this should be the same time but we are different, certainly in a different time than we were then and it doesn't feel to me at the moment we are heading back but the market, it will be to the downside prior to us establishing a base moving higher again. tracy: what about the fact that they like banks and the group they are hot on? >> i also like the banks. is also a group that is poised to do well. you have to be cautious. in a market like this which

feels nervous you could get a route on a day of all of a sudden you maybe get the momentum and brake certain technical levels and markets, you have to be prepared for everything to get hit. i like the banks. tracy: thank you. back to you. tracy: good news from the banks and a lot of optimism. cu in 15 minutes. one thing we have been covering is how we are living in an entitlement nation. you may be surprised to find out who in a new book defines the findings are which one of us is more likely to drop out of the workforce and lean on the government. is it men or women? gerri willis joins us with that. gerri: i was shocked by these numbers. u no more and more women are in the workforce. ville when the arm and the work force roughly doubles but the number of men has the line to 73% from 89%. i thought looking at these numbers is the effect of the great recession. a lot of men jobs just went

away. talking about construction. lots of mail jobs disappeared but that is not true. the effect precedes the great recession and in this book the author finds 27% of men don't consider themselves part of the labor force. 27%. you think a lot of people are retiring after the baby boom generation retired but it is bigger than that and i find it surprising. the author of the book and nation of takers says it is because we have become this culture of people ready to take the next entitlement. always looking for the next entitlement and abusing entitlements. he says that is the problem. what blew me away if you look at a proportion of men working in nearly 30s more men in greece are working then men in the united states of america. that is a proportion. tracy: is that because they were

laid off or haven't even entered? gerri: this is not answer the question. the the big comparisons to other countries but it is clear people have become disappointed by the jobs they do fine, what they get paid and the other point, what shocked me, more money than entitlements than they would be invoked work force. if you are being logical work for uncle sam. rather than the job and mcdonald's. tracy: don't miss gerri willis on the fox business network. breaking news, oil closing up $3.06 today at $92.39 a barrel. that is a gain of over 3% or erasing two days of declines.

hot today. little relief for drivers. the national average for a gallon of gasoline fell less than a penny of the night up 4 sense from a week ago and $0.42 from year-ago and for californians. pain at the pump even worse. gas prices hitting a new record high of $4.67 in the golden state. we had guests yesterday who said that should be coming to an end. coming up a union lockout has put the labor friendly new york times in a pickle. dennis kneale is on that story. one company trying to revolutionize how you work out. and look at jeff flock. jeff flock has a preview. >> i am running on a trail outside nuremberg, germany and going pretty fast. how is this possible? i will talk to the man who will show us a treadmill you have never seen before. stay tuned.

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resigned from fortune magazine. we took to the twitter account and the bureau of labor statistics boosting their latest jobs report to president obama's chances for reelection. investors bullish after a ratings downgrade. goldman sachs cut the company's ratings to sell with a $5 price target. it is overvalued giving deep liquidity and meager returns. the bearish town on wall street continues following a week forecast since global economic growth. investors are bracing for possible disappointing earnings season which unofficially kicks off with out, after the closing bell. that is the latest business from the fox business network giving you the power to prosper.

tracy: when it is cold and dreary do you dream of running along the beach or through the california mountains? jeff flock getting a sneak peek at technology that takes you there. >> amazing what they do with treadmills. take a look this. you can watch tv on the treadmill and play a game or something like that but here they have developed a program that enables you with a big 19 inch flat screen to actually run different runs. the president of the company is going through this right now. tell me what this is and how does revolutionizes the business? >> it is a computer. the program is a live course like you are running on a course. you scroll through like a

tablet's and move screen to screen. >> i was running on a course in germany. we need someone who can actually run. but that company stock. this is a huge growth area for brunswick which is your corporate parent. >> technology is the key. when you innovate you create value just like apple or google. you have the ability to bring content to people that want content. if they want their exercise equipment to read information from the internet they can go on the internet's can look at social media or facebook or twitter or upload and download programs which is a great feature but from a technological perspective the most important thing is to watch the things you can watch a home like television. i can go to the local fox affiliate here, channel 32, and watch fox.

>> i want to throw up your competitors. you feel this takes you a leap ahead of your competitors. >> absolutely. a computer in a club environment. >> computer on a treadmill taking it to another level. a big growth area for brunswick which was 50% return on investment over the last year. not bad. >> the only clement is popping for this company. i can't run to the corner on a treadmill. >> they do this, the bikes as well. you will be able to bite the tour de france course and watch this is a program on bikes as well. takes you to these courses and you move along the course with you are writing more running. that was awesome. thank you. i can't run. from a bite to walk out the new york times is seein of

action lately and could it be the labor friendly newspaper may not be so friendly with unions after all? dennis kneale covering the story. i was never in a union. >> let's not forget that. >> union are doing very well but not so well for newspapers. 700 employees walked off the job. they are protesting the hard-line. the walkout was more around the block. it is awkward for management that one of the most pro union papers in the country. labor, so long as it declines in the private sector is losing clout and unable to withstand the unfettered bank accounts of industry but the old gray lady union members see a different

faith in their contracts. is expired year ago. they lost $90 million last quarter. stock price down 50%. pension benefits and health coverage and overtime. the unions want increase in the same areas which make me thinks there's no tactic possible in a state of denial. the times want this wrapped up by year end but they are digging in their heels. time's dissident workers have a web site and two weeks ago they put up a warning letter aimed at management and it reads, quote, 18 months after our contract expired we stand at the threshold of crisis. company demands are untenable and destructive and union folks go on to say the times insisted on major cuts to our wages and benefits with an ugly twist. it is a threat of impasse. the threat of the impasse is now here. tracy: dennis kneale, thank you very much. quarter till.

we got to get to nicole petallides on the floor of the stock exchange. nicole: i want to take a look at apple. >> you bought it last year you are really happy and if you bought it a week ago not so happy. is a volatile stock. it is top to bottom. it traded as low as $6.23. that is 10% collection from its all-time high. looks at how apple has gone into the green. it is a component in the s&p 500 and the nasdaq composite. it is a great buying area. they did exactly that. analysts and targets are 700 or $800 and talk about the ipad

many. back to you. top of the hour. tracy: german chancellor angela merkel visits athens. why are the weeks ahead going to be so critical for greece's future. let's look at today's winners and losers. green mountain coffee and seers all up today. we will be right back.

tracy: earnings season picks up with out, let -- alcoa. >> these are not supposed to be good numbers and we heard from a couple companies indicated things might be as bad as they have been forecast by analysts. the one to look at a couple companies that have reported. edward life science, one small, one big. $10 billion company. the stock is taking a hit and it is down 13%. they are putting out disappointing earnings and medical devicemakers and life sciences. very interesting lead they pointed to lower sales and directly said they are heard by

european austerity measures. and they are reported ahead about conlan after the bell things aren't great. stocks have been in and out of positive territory. it is up -- very pricey stock. analysts worry about buying at these levels. they expected revenues of $5.7 billion. people want to agree disagree this is a bellwether of that alcoa is an aluminum producer and automobiles. it has a big global reach and yum brands which we all know because they are the pizza hut brand and stocks slightly lower up 12% this year so kind of right in line with the broader market. this is all about china. >> you wonder if they will take

the kitchen sink these expectations are so low and everybody has a rotten quarter. >> the market already priced that in. it should be interesting. tracy: sandra smith following a briefing this quarter. german chancellor angela merkel's first visit to greece since the debt crisis started was met by a large protests against those tough cutbacks. for more on this we are joined by fort washington's chief investment officer. i am glad you are here with us because no one has a crystal ball on this but angela merkel visited greece today. is a good sign for greece or bad? >> definitely a good sign. think where we were three months ago when the fear was a greek that would repudiate austerity and greece was out and markets were at the low. kiss and make up time. angela merkel isn't going to be

going to greece with bad news. if she had bad news she would have stayed in germany. what she is doing is playing to the german audience saying it is time we do support the greek government which will undertake the necessary austerity measures. greece stays in the euro zone? >> for the time being. tracy: spain is going to need a big bailout. are they going to ask for it? >> just a matter of time. my thought process is the following. the major development to me mitigates the risk of a financial meltdown when mario draghi was able to negotiate the ability for the european central bank to buy spanish italian bonds in the secondary market so the precondition is the governments would have to go to the bailout -- the government, the e s m and say we need these

funds in these other conditions. the heavy lifting has been done. this is why the euro zone stabilized. for ssain to say i don't need it or won't do it would upset the applecart. simply a matter of time. tracy: does the euro zone make it? people are calling for the breakup of the euro zone altogether. >> that was a legitimate question three months ago. i am a believer it would make it but i had to let met i had some my point is a lot of people say nothing fundamental happened. europe is still in recession and the union isn't a perfect union. three thing they're critical. mario draghi put his credibility and the euro zone is here to stay and they negotiate which was difficult negotiation, visibility to purchase bonds in the secondary market. they gave them the bazooka. the third thing was creation of

a unified banking system under the ecb. tracy: spain asked for the bailout and euro zone in tax. that is good stuff. thank you. getting right to the point. that is good news. how about this? netflix continues to expand and bring in new content despite the naysayers. is the competition too much? is that a buy or sell? liz claman has a rating from a long count down to the closing bell. don't go anywhere. we will be right back.